Thursday, March 1, 2012

ONGC auction gets bids for Rs 12,000 cr worth shares

The auction for the sale of Government’s five per cent stake in ONGC today got bids for 29.22 crore shares worth about Rs 8,500 crore, but could fetch only about two-third of the targeted proceeds of over Rs 12,000 crore. LIC came to the rescue in the end bidding for the remaining portion.

At the end of the one-day auction, the auction got total bids for 29.22 crore shares, including 19.92 crore on the NSE and about 9.3 crore on the BSE, exchange officials said. The final figures were yet to be updated on the websites of the two bourses.

The Government had proposed to sell about 42.77 crore shares through the auction at a floor price of Rs 290 a piece. The total bids were worth about Rs 8,500 crore and accounted for 68.3 per cent of the total offer size.